August 23, 2018
Dear Foundation for Jewish Day Schools Donors:
As many of you have already heard, the IRS has proposed new rules which can significantly impact or eliminate the ability to take a federal tax deduction in connection with a contribution made to an EITC program/entity. The Foundation for Jewish Day Schools strongly encourages you to consult with your tax advisor to understand if/how these new rules would apply to your company’s tax situation.
In light of the new law, a number of EITC/OSTC donors have contacted us and asked if they could make their contributions before the effective date in the new proposal. This means that the Foundation would need to receive your contribution by end of business Monday, August 27, 2018. Since the DCED approval letters will not be going out until Labor Day, this early contribution is the only way to ensure the possibility of a federal tax deduction for your contribution.
If your company is interested in making the contribution, you should make it for the amount of your application(s) back in May or June to DCED. Here is how to make the contribution:
- If by wire transfer, it MUST be received by our bank before 3:30pm Monday. Therefore, you are encouraged to wire the funds as early in the day as possible to avoid a backlog at the end of the day in the wire transfer system which could bump your wire to the next business day which, in turn, may forfeit your opportunity for the federal tax deduction.
Wire Transfer Information
Foundation for Jewish Day Schools of Greater Philadelphia
FJDS Cash Wire Instructions for Contributions
Bank Name – Firstrust Bank
Bank Address – 1515 Market Street Philadelphia, PA 19102
ABA # – 236073801
Account Name – Foundation for Jewish Day Schools of Greater Philadelphia
FJDS Account # – 1000521335
For all wire transfers, please send an email to these three people notifying us when the wire is initiated and the amount:
Ellen Horowitz Matz email@example.com
Helen Rao firstname.lastname@example.org
Inna Isakovich email@example.com
- If by check, please make payable to Foundation for Jewish Day Schools ON YOUR BUSINESS CHECK.
- It can be messengered to our address at 2100 Arch Street, Philadelphia, PA 19103
- OR if by OVERNIGHT MAIL please be guaranteed arrival on time and let me know that it is coming at firstname.lastname@example.org
For all contributions, please submit the appropriate Donation Data Confirmation form for the program(s) to which you are making a contribution. Please email them to Ellen Horowitz Matz at email@example.com by Thursday, August 30, 2018. In addition, once you receive your DCED approval letter, please be sure to forward it to me so we can match up the contribution received with the approval.
IMPORTANT NOTE: If you also participate in the EITC/OSTC program through the Jewish Scholarship LLC (JSLLC) using your personal tax liability, you will need to follow their instructions for making the contribution. Those contributions may NOT be made directly to the Foundation.
As noted above, the Foundation does not provide tax advice and encourages you to consult your tax advisor. Given the fact that these new rules were just proposed yesterday, we have not had time to consider what the full effect of the rules will be, including the full range of tax consequences of making a contribution today/Monday.
Please note that these new rules are only relating to the federal income tax deduction. NO CHANGE HAS BEEN MADE with respect to the state tax credit (90% for a two-year commitment, 75% for a one-year commitment) for contributions to an EITC program/entity.
Thank you for your continued support of the EITC program and Jewish education in our community!
If you have any questions, please contact Ellen Horowitz Matz @ 215.832.0525 or firstname.lastname@example.org
Elliot Holtz, Chairman
Foundation for Jewish Day Schools
Ellen Horowitz Matz, Director
Education Tax Credit Program